Charity number: 801461 JOHN RISEBROW'S CHARITY UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024
JOHN RISEBROWS CHARITY CONTENTS Page Reference and Admlnlstrative Details of the Charity, its Trustees and Advisers Trustees. Report Independent Examlnerfs Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 9-18
JOHN RISEBROW'S CHARITY REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 APRIL 2024 Trustees The Revd. Canon E Carter, Ex-officio Mr D Corbett Mr G Loades CBE Mr T J L Wilson, Chair Dr C Waddams Charlty registered number 801461 Principal office The Atrium st George's Street Norwich Norfolk NR31 1AB Accountants MA Partners LLP Chartered Accountants 7 The Close Norwich Norfolk NR14DJ Bankers Barclays Bank PIC 5-7 Red Lion Street NOlCh Norfolk NR13DW CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Investment advisor Barratt & Cooke Limited 5 Opie Street Norwich Norfolk NR13DW Page 1
JOHN RISEBROW'S CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 30 APRIL 2024 The Trustees present their annual report together with the financial statements of the Charity for the year 1 May 2023 to 30 April 2024. Objectives and activltles a. Policies and objectlves The Charity's objective is the promotion of education in the Ecclesiastical Parish of St Peter Mancroft, Norwich, the City of Norwich, and the Ecclesiastical Parishes of Costessey, Earlham, Hellesdon, Catton, Sprowston, Thorpe St Andrew and Trowse with Newton and Cringleford. If. and in so far as income in any year is not required for application in the manner aforesaid, the Trustees may apply the same in making grants for the purpose of helping and educating young persons of the following classes and in the following order of propriety so to develop their physical, mental and spiritual capacities that they may grow to maturity both as individuals and as members of society and that their conditions of life may be improved.. Young persons who or whose parents are either resident in the Ecclesiastical Parish of St Peter Mancroft, Norwich, or on the electoral roll of the Parish Church of that parish,. b) Young persons who or whose parents are either resident elsewhere in the area of benefft or on the electoral roll of a Parish Church in one of the other ecclesiastical parishes in the area of benefit. The Trustees shall have regard to the promotion of education in accordance with the principles and doctrines of the Church of England. b. Main activities undertaken to further the Charity's purposes for the public benefit The Trustees confirm that they have paid due regard to the Charity Commission's guidance on public benefft. In promoting education and helping and educating young people as above. the Trustees consider that the Charity's funds are applied for the public benefit, as all young people in the area could potentially benefit. Achievements and performance . Main achievements of the Charity Grants committed amounted to £123,286 (2023." £123,400). While the majority of grant funding is made to related parties (St Peter Mancroft PCC and Mancroft Advice Project), the Trustees are keen to emphasise that applications are also invited from other bodies seeing funding for activities that comply with the charity's objectives. Such applications can be made by writing to our office address on page 1. Refer to note 5 to the financial statements for details of grant recipients, Page 2
JOHN RISEBROWS CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Financlal revSew a. Financlal summary The Charity received investment income of £127,374 {2023.. £113, 778) and incurred expenditure of £129,132 (2023.. £128,243). With gains on investments of £4,823 {2023.. £5, 040 losses), the net general fund surplus for the year amounted to £3,065 (2023.. £19,505 deficit). Having accounted for the movement in the value of investments, there was a net increase in total (endowed together with unrestricted) funds of £185,592 {2023.. £302, 918 decrease). The endowment fund increased by £182.527 (2023.. £283,413 decrease). b. Principal funding The Charitys income is wholly from investments, and mainly consists of dividends from the Charitys portfolio of listed investments and interest receivable. c. Material investments policy There are no restrictions on the Charitys power to invest. The investment policy is set by the Trustees after taking advice from the Charty's investment advisors who attend each trustees, meeting. The Twstees consider the income requirements, the risk profile and the investment advisorfs view of the market prospects in the medium tem. d. Reserves policy It is the policy of the Charity to maintain free reserves at a level equal to one yearfs expenditure on grants, which amounts to approximately £100,000, to provide sufficient funds to respond to emergency applications for grants which may arise from time to time. The free reserves in the general fund at 30 April 2024 amounted to £251,702 {2023.- £248,63n. The Trustees re¢ognise that the level of reserves is higher that that targeted and continue to encourage applicants to apply for grant funding in line with the Charity's objects, such that reserves may reduce towards the targeted level. The endowment fund represents the original capital of the Charty which has been invested to maintain sufficient incoming resources to cover charitable expenditure. It is non-expendable. e. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial ststements. f. Plans for future perlods The Charity's future activities will continue to be on a similar basis, with the aim to maintain a balanced budget on the general fund. Trustees are exploring ways to widen the reach of the Charty's benefrt, while adhering to its objects. Page 3
JOHN RISEBROWS CHARITY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Structure. governance and management a. Goveming document John Risebrow's Charity is a registered charity, number 801461. and was approved as a Charity Commission scheme on 23 April 1981 and is govemed by the scheme rules as amended on 11 November 1994 and 1 July 2013. The charity was created under the will of Alderman John Risebrow. b. Methods of appointment or election of Trustees In looking for new Trustees of the Board of TNstees, Trustees will bear in mind the experience and qualtfication of possible Candidates. The successful candidates are elected by a meeting of the existing Trustees. c. Policies adopted for the induction and training of Trustees New Trustees are provided with copies of: The scheme rules., and The latest accounts of the Charity. There are also encouraged to read Charity Commission guidance notes CC3 -°The Essential Trustee: what you need to know, what you need to do.. In addition, Trustees are encouraged to read Charity Commission and other newsletters and to attend courses designed to keep them abreast of their duties and responsibilities. d. Risk management The Trustees have assessed the major risks to which the Charty is exposed, in particular those related to the operations and finan$ of the Charty, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. The principal risks identified are.. Investment management and custody: Appropriate professional advice is taken with regard to the management of investment assets in order to appropriately balance risk and return to ensure future and current beneficiaries are equally considered. All investments are under the management of a regulated stockbroker {Barratt & Cooke) from whom regular updates are received concerning the performance thereof. Appropriate application of income.. In making grants the Trustees ensure that the Charity's objects are met and that, where appropriate, restrictions are stipulated with regard to how funds should be expended by the recipient. e. Organisational structure and declslon4naking policies The scheme requires that the board of Trustees should, when complete, consist of five Trustees, being an ex- officio Truslee, who shall be the Vicar for the time being of the Ecclesiastical Parish of St Peter Mancroft, Norwich. and two Nominative and two Co-optative Trustees. The Trustees shall hold at least Iwo ordinary meetings in each year. Every matter shall be determined by the majority of votes of the trustees present and voting on the question. In case of equality of votes the Chaimian of the meeting shall have a casting vote whether he has or has not voted previously on the same question but no Trustee in any other circumstances shall give more than one vote. Page 4
JOHN RISEBROWS CHARITY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Structurei governance and management (continued} f. Related party relationships Under the scheme rules governing the Charity. one of the Trustees known as an ex-officio Trustee must be the vicar of the Ecclesiastical Parish of St Peter Mancroft, Notwich. The two nominative Trustees are nominated by St Peter Mancroft PCC. Under the objectives of the Charity, some of the funds arising will be applied to benefit young people in the Parish of St Peter Mancroft. No benefit is derived by the ex-officio Trustee under these directives. No one Twstee has the control to detemiine how the funds of the charity. of which the Reverend Canon E Carter is a Trustee. The Charity also makes grants to St Peter Mancroft PCC. of which G Loades, Dr Catherine Waddams, and the Reverend Canon E Carter are members. Approved by order of the members of the board of Trustees and signed on their behalf by: Mr T J L Wilson Date: o Z4- Page 5
JOHN RISEBROW'S CHARITY INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 APRIL 2024 Independent Examiner's Report to the Trustees of John Rlsebrow's Charfty {'the Charity,) I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 30 April 2024. Responsibilities and Basis of Report As the Trustees of the Charity you are responsible for the preparation of the acwunts in accordance with the requirements of the Charities Act 2011 (Ihe 2011 Act,). I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in ¢arying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5){b) of the 2011 Act. Independent Examiner's Statement Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Iland (FRS 102) in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the exiant regulations but has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted A¢¢ounting Pradice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confim that no matters have come to my attention in nneCtIOn with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Charty as required by section 130 of the 2011 Act,. or the accounts do not accord with those records., or the accounts do not comply with the applicable quirementS concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and faiff view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charitys Trustees those matters l am required to state to them in an Independent Examinels Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed.. Dated: 1911212024 Mr Frank Shippam Bsc FCA DChA Page 8
JOHN RISEBROWS CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2024 Endowment Unrestrlcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income and endowments from: Investments 127,374 127,374 113, 778 Total Income and endowments 127.374 127.374 113, 778 Expenditure on: Raising funds Charitable activities 1,098 128,034 1,098 128,034 744 127.499 Total expenditure 129.132 129,132 128,243 Net expenditure before net gainsl{losses} on investments Net gainsl(losses) on investments {1,758) 4,823 (1,758) 187,350 (14,465) (288, 453) 182,527 Net movement In funds 182,527 3,065 185,592 (302,918) Reconciliation of funds: Total funds brought forward Net movement in funds 4.157,034 182.527 248,637 3.065 4.405.671 185.592 4. 708, 589 (302,918) Total funds carried forward 4,339,561 251,702 4,591,263 4,405,671 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 9 to 18 form part of these financial statements. Page 7
JOHN RISEBROW'S CHARITY BALANCE SHEET AS AT 30 APRIL 2024 2024 2023 Note Fixed assets Investments 4,428,123 4,241,871 4,428.123 4,241,871 Current assets Debtors Cash at bank and in hand 10 404 167,014 370 167,529 167.418 167.899 Creditors: amounts falling due within one year 11 (4.278) (4,099) Net current assets 163,140 163, 800 Totsl assets less current liabilities 4,591,263 4,405. 671 Total net assets 4,591,263 4,405.671 Charity funds Endowment funds Unrestricted funds 13 13 4,339,561 251.702 4, 157,034 248,637 Total funds 4,591,263 4,405,671 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: ff (oaLS qr G Loades CBE PirTJ Lwilson Date.. LzLF The notes on pages 9 to 18 form part of these financial statements. Page 8
JOHN RISEBROWS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 General infonnation The Charity is a registered charity in England and Wales and is unincorporated. The address of the principal office is The Atrium, St George's Street, Nomich. Norfolk, NR3 1AB. Accounting policles 2.1 Basis of preparation of financial Statements The financial statements have been prepared in accordance with the Charities SORP {FRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effedive 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a Irue and fairf view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. John Risebrow's Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheThvise stated in the relevant accounting policy. 2.2 Goin9 concern There are no material uncertainties about the charitys abilty to continue. It continues to hold substantial level of investments and has SLrficient cash in hand to meet day-tfHlay expenses for the foreseeable future. 2.3 Income All income is recognised once the Charity has entrtlement to the income, it is probable that the income will be received and the amount of income receivable Can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes the investment managerfs fees. Expenditure on charitable activities is incurred on diredly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Page 9
JOHN RISEBROW'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Accounting pollcies (continued) 2.4 Expendlture Icontinued Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expendtture when the conditions attaching are fulfilled. Grants offered subject to condrtions which have not been met at the year end are noted as a commitment, but not accrued as expendrture. All expenditure is inclusive of IeCoVerable VAT. 2.5 Interest receivable Interest on funds held on depos5t is in¢luded when receivable and the amount can be measured reliably by the Charity., this is nomially upon notification of the interest paid or payable by the institution with whom the funds are deposlted. 2.6 Investments Fixed asset investments are a fonn of financial instrument and are initially recognised at their transaction cost and subsequentty measured at fair value at the Balance Sheet date. unless the value cannot be measured reliably in which case it is measured at Cost less impairment. Investment gains and losses, whether realised or unrealised. are combined and presented as 'Gainsl(Losses) on investments, in the Statement of Financial Activities. 2.7 Debtors Other debtors are recognised at the settlement amount. 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and short-tetm highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.9 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefrt will be required in settlement, and the amount of the settlement Can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt. 2.10 Financial instruments Current assets and liabililies are initially recognised at transaction value and subsequently measured at their settlement value. Page 10
JOHN RISEBROW'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Accountlng policies (continued) 2.11 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charrty and which have not been designated for other purposes. The endowment fund represents those assets which must be held permanently by the Charity, principally investments. Income arising on the endowment fund can be used in accordance with the objects of the Charity and is included as unrestricted income. Capital gains or losses arising on investments are apportioned in line with the ratio detailed in note 9. Investment income Unrestricted funds 2024 Totsl funds 2024 Total funds 2023 Dividend income Bank interest 121,669 5,705 121,669 5,705 111,183 2,595 127,374 127,374 113,778 Investment management costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment management fees 1,098 1,098 744 Page11
JOHN RISEBROW'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Analysis of grants Grants to Grants to Institutions Indlviduals 2024 2024 Total funds 2024 Total funds 2023 Grants funding of activities {2023 included £500 to individuals) 123,286 123,286 123,400 The Charity has made the following material grants to institutions during the year. 2024 2023 Name of institution st Peter Mancroft PCC - Youth and Music and Vicars List Mancroft Advice Project The Smallpeice Trust Magdalene Group Musical Keys ENYP (Equipping Nurturing Young People) Connects & Co 57,000 57,000 57,000 57,000 3,900 5,000 3.286 3,000 3,000 123,286 122,900 Analysis of expenditure by activities Grant funding of activlties 2024 Support costs 2024 Total funds 2024 Total funds 2023 Promotion of education 123,286 4,748 128,034 127,499 Total 2023 123,400 4,099 127,499 Page 12
JOHN RISEBROWS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Analysls of expenditure by activlties (continued) Analysis of support costs Total funds 2024 Total funds 2023 Clerk's fees Independent examinerfs remuneration Bank charges 2.627 2,076 2,125 1,974 4,748 4,099 Independent examinerfs remuneration 2024 2023 Fees payable to the Charivs independent examiner for the independent examination of the Charivs annual accounts 2,076 1,974 Trustees. remuneration and expenses During the year. no Trustees retsived any remuneration or other benefits (2023 - £NIL). During the year ended 30 April 2024, no Trustee expenses have been incurred (2023 - £NIL). Page 13
JOHN RISEBROW'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Fixed asset Investments Cash or Listed cash investments equivalents Total Cost or valuation At 1 May 2023 Additions Disposals Revaluations 4.042.262 724,270 (591,469) 168,816 199,609 4.241,871 610,003 1.334,273 1725.368) (1,316,837) 168,816 At 30 April 2024 4,343,879 84,244 4.428,123 Net book value At 30 April 2024 4,343,879 84,244 4,428.123 At 30 Apnl 2023 4,042,262 199, 609 4,241,871 All investments shown above are held at valuation. In the year ended 30 April 2018 the endowment fund portfolio and unrestricted fund portfolio were consolidated to rationalise their administration and reduce the total level of Charges payable. At the date of consolidation 980fi of the funds related to the endowment fund. In allocating investment values and returns this percentage continues to be applied. Financial assets held at fair value The fair value of listed securities is determined by reference to the quoted price for these assets in an active market at the balance sheet date. No one investment exceeded 50/0 of the total listed investment portfolio as at 30 April 2024 or 2023. 10. Debtors 2024 2023 Due wlthln one year Other debtors Prepayments and accrued income 187 217 370 404 370 Page 14
JOHN RISEBROWS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 11. Creditors: Amounts falling due within one year 2024 2023 Accruals and deferred income 4,278 4,099 12. Financial instruments 2024 2023 Financial assets Financial assets measured at fair value 4.595.137 4,409,400 Financial assets measured at fair value include investments and cash and cash equivalents. Page 15
JOHN RISEBROWS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 13. Statement of funds ststement of funds - current year Balance at 30 April 2024 Balance at 1 May 2023 Gainsl (Losses) Income Expenditure Unrestricted funds General Funds- all funds 248,637 127,374 {129,132) 4,823 251,702 Endowment funds Endowment Funds - all fund5 4.157,034 182.527 4,339,561 Total of funds 4,405,671 127,374 (129,132) 187,350 4,591.263 ststement of funds - prior year Balance at 1 May 2022 Gains/ Balan at (Losses) 30 Apnl 2023 Income Expenditure Unrestricted funds General Funds 268, 142 113,778 (128,243) (5,040) 248,637 Endowment funds Endowment Fund 4,440,447 (283,413) 4, 157, 034 Total of funds 4, 708,589 113, 778 (128, 243) (288,453) 4,405,671 Page 16
JOHN RISEBROWS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 14. Analysis of net assets between funds Analysis of net assets between funds - current perfod Endowment Unrestrlcted funds funds 2024 2024 Total funds 2024 Fixed asset investments Current assets Creditors due within one year 4,339,561 88.562 167,418 (4,278) 4.428,123 167,418 (4,278 Total 4.339,561 251,702 4,591,263 Analysis of net assets between funds - prior period Endowment Unrestncted fijnds funds 2023 2023 Total funds 2023 Fixed asset investments Current assets Creditors due within one year 4, 157.034 84.837 167,899 (4,099) 4,241,871 167,899 (4,099) Totsl 4, 157, 034 248,637 4,405,671 Page 17
JOHN RISEBROWS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 1 S. Related party transactions Under the rules of the scheme governing the charity, one of the Trustees known as an ex-officio Trustee must be the Vicar of the Ecclesiastical Parish of St Peter Mancroft, NOlCh (Revd. Cannon E Carter). Also under the rules of the scheme, the nominative trustees (G Loades and Dr C Waddams) are nominated by the PCC of St Peter Mancroft, NoNiich. Revd. Cannon E Carter, Dr C Waddams and G Loades are trustees of the PCC of St Peter Mancroft, Norwich. Under the objectives of the charity, some of the funds arising will be applied to benefit young people in the Parish of St Peter Mancroft. No benefit is derived by the exwofficio or nominative trustees under these directives. The charity made grants of £57,000 {2023." £57,000) to St Peter Mancroft PCC. The grants to St Peter Mancroft PCC are then distributed at their discretion. in part to choral scholars. During the year, the charity made grants to Mancrofl Advice Project. a registered Charity, of which the Revd. Cannon E Carter is a trustee, of £57,000 (2023.. £57, 000>. No one Trustee has the control to determine how the funds of the charity are to be applied. This is govemed by the charitls rules. Page 18